The TSX Venture Exchange has accepted for filing documentation relating to the preacquisition agreement dated March 6, 2026, and the corresponding share transfer agreement dated March 4, 2026, between Lycos Energy Inc. and Mahikan Oil Corp., an arm's-length party. The company has acquired 100 per cent of the issued and outstanding shares of the vendor.

Pursuant to the agreement, the company acquired the vendor for total consideration of approximately $49.7-million. This included the assumption of net debt and the issuance of 29,781,301 common shares of the company at a deemed price of $1.20 per Lycos share, representing 0.60 of a Lycos share for each common share of the vendor.

Following the closing of the transaction, Mahikan Oil will continue to operate as a wholly owned subsidiary of Lycos Energy.

For further details, please refer to the company's news releases dated March 6, 2026, March 30, 2026, and April 8, 2026.